Southwest Airlines (LUV) FY2025 10-K Annual Report
Southwest Airlines (LUV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Southwest Airlines FY2025 10-K Analysis
Business Overview
- • Core business model: Low-cost U.S. and near-international passenger airline operating a large fleet of Boeing 737 aircraft
- • New initiatives: Introduced assigned and extra legroom seating, redesigned boarding model, launched global airline partnerships, and created Getaways vacation packages in 2025-2026
Management Discussion & Analysis
- • Revenue $28.1B in 2025, up 2.1% YoY ($580M increase), passenger revenue $25.5B, up 2.2% YoY ($555M increase)
- • GAAP operating income $428M in 2025 vs $321M in 2024, margin 1.53% vs 1.17%; non-GAAP operating income $539M vs $457M, margin approx. 1.92% vs 1.66%
Risk Factors
- • Cybersecurity risks actively overseen by Board and Audit Committee, with escalations for incidents meeting specific thresholds
- • Dedicated cybersecurity team led by CISO with 19 years experience, focusing on vulnerability management and incident response
Southwest Airlines FY2025 Key Financial MetricsXBRL
Revenue
$28.1B
▲ +2.1% YoY
Net Income
$441M
▼ -5.2% YoY
Operating Margin
1.5%
▲ +36bp YoY
Net Margin
1.6%
▼ -12bp YoY
ROE
5.5%
▲ +103bp YoY
Total Assets
$29.1B
▼ -13.9% YoY
EPS (Diluted)
$0.79
▲ +3.9% YoY
Operating Cash Flow
$1.8B
▲ +298.7% YoY
Source: XBRL data from Southwest Airlines FY2025 10-K filing on SEC EDGAR. All figures in USD.
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